Telecom Egypt looking for pound bonds

State-owned Telecom Egypt said on Sunday it was looking for lead managers and underwriters for an Egyptian pound bond issue worth between 1.5 billion and two billion pounds ($242 million and $323 million).
The bonds will have a maturity of five to seven years, it said in an announcement. Media reports have said Telecom Egypt plans to issue them later in the year to finance expansion.
An announcement by the company said it would consider either individual banks or a consortium not including more than two Egyptian public-sector banks.
One banker said Telecom Egypt would use the money to expand its stake in mobile phone operator Vodafone Egypt. Company officials were not immediately available to comment.